LIC Jeevan Kiran policy premium return option: In LIC Jeevan Kiran Life Insurance Policy, on survival till maturity, the total premium deposited is returned, while in case of death, up to 125% of the premium is paid to the family of the investor.
LIC’s new policy Jeevan Kiran Life Insurance is giving double benefits to investors. Holders of this policy first get the benefit of savings and secondly they get the benefit of life insurance.
In case of untimely death of the insured during the policy tenure, up to 125% of the premium is paid to the family. Whereas, in case of survival till maturity, the total premium deposited is returned to the investor. Are being given. At the same time, premium rates are also different for smokers.
What is LIC’s Jeevan Kiran policy?
LIC had launched Jeevan Kiran Life Insurance Policy in the last week of July last month. It is a non-linked, non-participating individual savings scheme as well as life insurance scheme. LIC has set different premium rates for smokers and non-smokers in this policy.
Maturity Benefits of Jeevan Kiran Policy
The biggest benefit of LIC Jeevan Kiran Life Insurance Policy is that the total premium amount is paid to the policy holder on maturity. If the policy is in force, the sum assured on maturity will be equal to the total premium received by LIC under regular premium or single premium payment.
How much amount will the family get on the death of the policy holder?
The sum assured will be paid if the policy holder dies within the policy term after the risk commencement date but before the stated maturity date. This payment will be on the basis of regular and single premium. The scheme covers all types of deaths including accidental deaths except suicide during the first year.
- Under the Regular Premium Payment Policy, in case of death, 7 times the annual premium or 105% of the total premium paid till the date of death, or the Basic Sum Assured, will be paid.
- Under the single premium payment policy, 125% of the single premium will be paid on death. Apart from this, the basic insurance amount will be paid.
Multiple payment options
The method of payment in case of death of the policy holder can be chosen by the policy holder at the time of taking the policy or before his death. In this, along with giving the option of paying the amount in lump sum, the nominee also gets the option of paying the total amount in installments i.e. in 5 equal installments. Either of the two options can be chosen by the insured person during his lifetime.
LIC Jeevan Kiran Policy Tenure and Conditions
The minimum basic sum assured under LIC Jeevan Kiran Life Insurance Policy is Rs 15,00,000 and there is no limit on the maximum basic sum assured. The minimum policy tenure is 10 years and the maximum policy tenure is 40 years. Housewives and pregnant women will not be eligible for the scheme.
